2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

View Budget Item
View Budget Item amendments

Retiree Health Care Credit from $2.50/mo up to $4.00/mo

Item 135 #11h

Item 135 #11h

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 $7,803,046 FY2008 $7,966,277 GF

Page 108, line 9, strike "$5,870,354,889" and insert "$5,878,157,935".
Page 108, line 9, strike "$6,000,814,369" and insert "$6,008,780,646".
Page 109, line 3, strike "$202,998,932     $204,557,925", and insert:
"$210,801,978     $212,524,202".

(This amendment provides $7.8 million the first year and $7.9 million the second year from the general fund for increasing the retiree health care monthly credit amount from $2.50 up to $4.00 per month for every year of creditable service into the Virginia Retirement System. There is no cap on the years of services that teachers can earn for the retiree health care credit. This amendment supports House Bill 3 that was passed by the House and is currently in the Senate for consideration. This amendment also a companion amendment that funds a portion of this increase in the retiree health care credit.)